Some good news from the Rhode Island Department of Revenue: The latest budget numbers from state government show state revenues up nearly $50 million ahead of projections.
Rosemary Gallogly, the outgoing director of revenue, said in a statement that year-to-date revenues are up about $47 million above the estimates.
The revenue growth has been fueled largely by an increase in personal income tax money. That could be a sign that the economy is gaining traction as Rhode Island’s slow recovery from the recession picks up steam.
Some good news for Rhode Island’s state budget: income and sales tax receipts are up over last year’s totals.
That’s the report from the state Department of Revenue comparing state revenues through October with the same period last year. Income tax collections are 3 percent about last year and sales levies are up 4.3 percent, according to data released today.
On a more sober note, state gambling tax collections are down 1.3 percent from the same period last year.